Business / Economy

London to actively promote RMB internalization: mayor of City of London

(Xinhua) Updated: 2016-09-10 10:13

HONG KONG - As the western offshore renminbi hub, London will continue play its leading role to help promote the internalization of the Chinese currency, Jeffrey Mountevans, mayor of the City of London said here on Friday.

London welcomed the "truly significant" development of the internalization of renminbi, Mountevans told a press conference, adding the city took great pride, together with Hong Kong, to play their roles in the process.

"I think a great deal has been achieved in a very short time," he said.

London will continue help promote renminbi products, Mountevans said. "We are committed to developing an industry that supports the currency's growth as China's markets open up."

Over the past few years, financial market collaboration has been a priority for both governments in China and Britain.

There will be many high-value opportunities for the two countries to collaborate in the financial and innovative industries in the future, such as green finance and FinTech, he said.

Moreover, as a maritime Lord Mayor with 44 years in shipbroking, Mountevans said China and Britain have a "very strong" relationship in maritime sections.

"There's a great deal of respect in London for strengthening the capability of Hong Kong market as the ship owning and operating business moves increasingly eastwards," he said.

Mountevans also expected the two countries to build up more mutual interests in maritime finance and maritime arbitration.

Lord Mountevans is leading a business delegation to Hong Kong, Beijing, Shanghai and Tianjin on Sept 7-14, in a move to strengthen the commercial ties between Britain and China.

During his three-day visit to Hong Kong, Mountevans has met Financial Secretary of the Hong Kong Special Administrative Region government John Tsang and representatives from the Hong Kong Monetary Authority, the Hong Kong Exchanges and Clearing Ltd and Hong Kong Shipowners Association.

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